PALFINGER and SANY agree to reverse cross-shareholding and restructure joint ventures

PALFINGER AG and SANY HEAVY INDUSTRIES signed an agreement to reverse their cross-shareholding. PALFINGER ASIA PACIFIC will transfer its 7.5% stake in Sany Automobile Hoisting Machinery to SANY EUROPE in exchange for 2,826,516 PALFINGER shares and approximately EUR 15 million cash. Additionally, the operational joint venture Palfinger Sany Mobile Cranes Sales GmbH will be taken over by the SANY Group.

“PALFINGER and SANY HEAVY INDUSTRIES have also negotiated a restructuring of their cooperation in the operational joint ventures.”palfinger.com

• 1 source
• palfinger.comEANS-Adhoc: PALFINGER AG / PALFINGER and SANY signed an agreement today on the reversal of their cross-shareholding.Dec 14, 2021

Summarized from public sources; check the original articles before acting on it.